Hong Kong Home Sales Hit 33-Year Low in 2023 But See Signs of Recovery
• Hong Kong home sales in 2023 fell to lowest level in 33 years amid high interest rates, though December saw a rebound • Total property transactions in 2023 dropped 2.7% vs 2022 to 58,035 units, the lowest since 1991 • But December saw a monthly rise of 6.6% in home sales to 3,764 units, a 3-month high • Government eased some cooling measures in October, including cutting stamp duty for some buyers • Analysts expect home sales to continue gradual recovery in 2024 with rate cut hopes and government support